GTC Biothera to raise $6 million

Massachusetts, USA-based GTC Biotherapeutics has entered into a securities purchase agreement with institutional investors to buy 6,896,550 million shares of the firm's common stock at a price of $0.87 each, for gross proceeds of approximately $6.0 million. Under the terms of the financing, GTC will also issue seven-year warrants to purchase an additional share of its common stock for each share sold in the offering, at an exercise price of $0.87 per share. The net proceeds of the financing will be used for general corporate purposes.

The shares and warrants are being offered under a shelf registration statement previously filed with the Securities and Exchange Commission. Rodman & Renshaw acted as the lead placement agent and Dawson James Securities served as co-agent for the offering.